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The proposal announced today by President Obama is a needed step to reform tax laws that currently give a competitive advantage to businesses that invest overseas rather than in our own nation, and that allow the wealthiest to avoid paying their fair share.

House Majority Leader Steny Hoyer’s (Md.) role as the consummate deal-maker who can smooth over the vast differences in the Democratic Caucus has made him the go-to guy in recent weeks as President Barack Obama looks to pass his ambitious budget and health care plans.

The Democratic budget resolution, passed out of committee yesterday, reaffirms President Obama’s and the Democratic Congress’ commitment to a long-term plan to restore fiscal responsibility and advance the priorities of the American people.

As the House Budget Committee takes up the Chairman’s Mark today, please click here for a document outlining budget reconciliation, an optional procedure to align spending and revenues with budget provisions.